The digital asset race: Speed is no longer the deciding factor.

In the early stages of an undemarcated market, the advantage usually lies with the fastest mover. But once the rules of the game are established, market logic changes completely. The advantage no longer belongs to the fastest runner, but to those who can build the infrastructure, control risks, and operate on a large scale.

Legalizing digital assets

There are periods when the market is quiet, not explosive, but it determines the order of the next decade. In my opinion, the market... digital assets Vietnam is currently at that exact moment.

Vietnam, like many other markets, after years of operating in a gray area, is gradually seeing digital assets recognized as an integral part of the digital economy, rather than just a speculative activity on the periphery. As the legal framework begins to be researched and designed, it's time for the game to change. And in that change, tech startups are no longer on the sidelines, but are stepping into the center of the market with a completely new role.

According to international reports for the period 2023–2024, Vietnam consistently ranks among the top 5 countries with the highest adoption rates of digital assets worldwide. It is estimated that approximately 16–20 million Vietnamese people have held or currently hold digital assets in various forms.

In terms of cash flow, the total value of digital asset transactions involving Vietnamese users fluctuates between $200 and $300 billion annually, depending on market cycles. This scale is equivalent to, or even surpasses, many traditional financial segments in the country.

It is noteworthy that over 70%'s trading volume still takes place on foreign platforms. This means that user data, transaction fees, profits, technological capabilities, and operational expertise are flowing out of the domestic financial system.

Therefore, the question of digital assets is no longer "should we or shouldn't we," but rather how to retain cash flow, data, and technological capabilities within the Vietnamese economy.

In the early stages of an undeclared market, the advantage usually lies with the fastest mover. Moving fast means accepting high risks, exploiting legal loopholes, and experimenting with unproven models. But once the rules of the game are established, market logic changes completely. The advantage no longer belongs to the fastest runner, but to those who can build the infrastructure, control risks, and operate on a large scale.

Based on practical experience and current market activities, I believe that the digital asset game today is no longer a playground of short-term profit promises, but rather a playground of infrastructure.

Digital asset infrastructure is not for "hot money".“

Blockchain is just the technical foundation. A legitimate digital asset market requires many layers of underlying infrastructure. In my experience, there are six core infrastructure layers that determine whether a market can develop sustainably. Specifically:

Firstly, there's the infrastructure for identification and compliance, such as eKYC, AML, and fund monitoring. In a legitimate market, compliance costs can account for 10–20% of operating expenses, but this is a necessary condition for connecting banks and scaling up.

Secondly, the custodial and security infrastructure includes custody, MPC, internal authorization, audit trail, and risk insurance. As digital assets are no longer held solely by individuals but are increasingly involved by organizations, the focus shifts from convenient transactions to the requirement of protecting assets securely and sustainably.

Thirdly, on-ramp and off-ramp infrastructure allows users to convert between fiat currency and digital assets. In established markets, this is often the most stable and sustainable revenue stream, due to the frequent demand for currency conversion.

Fourth, data infrastructure and market monitoring are essential, including real-time transaction tracking, manipulation detection, and standardized reporting to regulatory authorities. A market without oversight will soon self-destruct.

Fifth, standardized infrastructure for assets and products is crucial, especially for real asset tokenization (RWA). Without legal and regulatory standardization, RWAs remain merely experimental.

Finally, user experience and protection infrastructure such as risk warnings, investor classification, and information transparency are crucial for survival when the number of users reaches tens of millions.

Infrastructure is not a breeding ground for speculative capital. In my observation, investors in digital asset infrastructure typically come from three groups. First, domestic technology companies with the advantage of understanding the market and having a long-term vision. Second, strategic investment funds that accept slower returns in exchange for a platform-based position. Third, state-owned enterprises in national infrastructure sectors such as identity, data, and payments. In fact, Vietnam's blockchain ecosystem already has pioneers in this direction, focusing on building a foundation rather than chasing short-term profits.

Opportunities for Vietnamese tech startups

The opportunity for startups lies not in creating more speculative assets, but in solving systemic problems.

Six areas with long-term potential include: RegTech and identity, custody and security, on-ramp and payments, tokenization of real assets (RWA), market surveillance infrastructure, and financial education linked to user protection. These are all clear B2B areas with long-term demand and the potential to generate sustainable revenue.

Notably, compared to hubs like Singapore, South Korea, or the UAE, Vietnam has a distinct advantage: it is currently in the stage where the rules of the game are being designed, not yet rigidly defined. The door for new startups remains wide open. Experimentation costs are lower, and the space for innovation is still vast.

But this "door" won't stay open forever. If Vietnam is slow to standardize, the price to pay will be continued capital outflow, lost opportunities for domestic startups, increased social risks, and higher management costs.

Thus, it can be seen that the digital asset market is no longer a story of the distant future, but is present and directly impacting the cash flow, investment behavior, and financial security of tens of millions of Vietnamese people.

The question is no longer whether to participate, but how to participate. If we take a short-term approach, the market will continue to pay the price with risk and loss of confidence. But if we pursue infrastructure, standardization, and discipline, digital assets can become a new growth engine for Vietnam's digital economy. In this pivotal stage, those who move quickly are not guaranteed to win; those who build the foundation are the ones who will remain and have the opportunity to continue.

According to Eric Vuong
Co-founder and CEO of FUNDGO Innovation and Startup Investment Fund